Abstract:  
The established “banking” model of financial infrastructure of Russian does not have the resources for development in the long-term perspective. Low level of involvement of the institutions of financial infrastructure into financing of the development of national economy defines the relevance of examination of the possible consequences of preservation of this model in the context of country’s financial security under the conditions of global competition. The subject of this article is the role of the institutions of financial infrastructure in ensuring Russia’s financial security. Special attention is given to the analysis of the established structure of sources for financing of the investments and main capital. The author substantiates the necessity of converting the acting model of financial infrastructure development into the “institutional”. During the course of this research, the author proposed the four possible scenarios of further development of Russia’s economy, depending on the vector of development of the national financial infrastructure in mid and long-term perspective. Under the conditions of global competition, the priority is given to the “target” and the “optimistic” types of scenarios, which meet the requirements of financial security. The conclusion is made on the need for generating the mechanism of ensuring financial security to the Russian Federation along with determining the possible tools of its implementation.
 

Abstract: The current stage of development of the world financial system determines the need for a comprehensive study of the issues of development of the national financial infrastructure in order to increase its global competitiveness. The subject of this research is the role of non-bank financial intermediary institutions in ensuring the stability and competitiveness of the Russian financial infrastructure. Special attention is paid to the analysis of the level of development of the Russian insurance companies, non-state pension funds and mutual investment funds in comparison with the standard agents overseas, and also a share of bond financing in structure of borrowings of the non-financial organizations performed in the domestic financial market. In the course of writing the article the author has used methods of the comparative, system, structural and statistical analysis of foreign and Russian sources of information. As a result of the research, the author concludes that now the tendencies of strengthening positions of the non-bank financial intermediation which developed in the global financial market aren't typical for the Russian financial infrastructure. Based on the experience of the US and EU in overcoming the consequences of the global financial crisis, the low level of development of the non-bank financial intermediary is defined as a threat to the national infrastructure system stability and sustainable development of the national economy. The author proves the need to change the vector of development of the national financial infrastructure towards the "institutional" model to enhance its stability.